Exotec, a leading robotics solution for logistics and creator of the Skypod 3D warehouse robots, announces today an approx. €77.1 million financing round, led by 83North, with participation from Dell Technologies Capital, and supported by historical investors, Iris Capital and Breega.
This latest funding round will allow the company to further expand and deliver their fully adjustable robotics solution to a wider range of clients in the US, Europe and Asia, across numerous B2B and B2C retail sectors such as fashion, grocery, pharmaceutical, hardware, and manufacturing.
Founded in 2015, Exotec has the ambition to become the leader in robotics solutions for logistics. Its revolutionary robots allow retailers and e-merchants to quadruple their warehouse productivity and increase up to five times their storage capacity. Their autonomous robots can move in a unique three-dimensional pattern at a speed of 13 feet per second, creating a faster and more efficient picking and preparation process. The startup forecasts they will produce up to 4000 robots per year by 2021.
“There is a global need for robotics solutions in warehouses, but logisticians are often concerned to invest in traditional fixed automation in this fast-changing world. This $50 billion market should be supplied with flexible and efficient solutions to fulfill customers’ needs and new shopping timelines. We offer a new generation of warehouse robotics and have the largest deployed and operational systems across three continents,” said Romain Moulin, co-founder and CEO of Exotec.
Exotec’s revenue doubled in 2020, and it gained several new international clients, including Carrefour and Fast Retailing (Uniqlo group) who adopted their technology in key warehouses.
In North America, Exotec has signed partnerships with highly experienced American integrators such as AHS, S&H Systems and Conveyco to accelerate market penetration. Exotec is also currently hiring in North America to support its operations and its growth.
This new funding will further fuel this international development, especially their recently formed Atlanta and Tokyo teams, and help them meet the growing demand for warehouse automation technology in the USA and Asia.
“Brands and retailers are seeing tremendous surge in e-commerce, accelerated by the current pandemic. They must now transform their supply chain to gain competitive advantage. Exotec is addressing this challenge and is the leading player in scalable robotics systems,” said Rudi Lueg, Managing Director of North America at Exotec.
Leading the round, Laurel Bowden, Partner at 83North, stated: “83North has invested in many teams and companies enabling the future of ecommerce. In our opinion, Exotec is one of those special companies, where the founders’ backgrounds, company culture, outstanding technology, delighted customers and a rapidly changing market make it a very unique investment.”
Scott Darling, President of Dell Technologies Capital, added: “Exotec is revolutionizing the adoption of robotics through its innovative and unique technology. Having relied heavily on world-class R&D skills aligned with solid industrial processes, Exotec is at the forefront of this burgeoning market and clearly the leader in the field.”